$455,000
$430,000
5.8%For more information regarding the value of a property, please contact us for a free consultation.
1421 COMMERCIAL PARK DR Lakeland, FL 33801
5,355 SqFt
Key Details
Sold Price $455,000
Property Type Commercial
Sub Type Office
Listing Status Sold
Purchase Type For Sale
Square Footage 5,355 sqft
Price per Sqft $84
Subdivision Commercial Park South
MLS Listing ID T3282038
Sold Date 12/27/21
Construction Status Inspections
HOA Y/N No
Year Built 1973
Annual Tax Amount $5,105
Lot Size 0.380 Acres
Acres 0.38
Lot Dimensions 111.4x130
Property Description
FULLY RENTED AND PRICED TO SELL at approximately 8% CAP RATE, this commercial building has 6 suites which are currently divided into four functioning sites. Want six separate units? With a small remodel each of 6 units would have 2 exit doors and a 1/2 bath. Currently, 2 remodeled suites just rented for $1200 with 2 year lease and 2, 2 year renewal w/ 3% escalation clause. Owner knows rents are low and has two long-term tenants at lower than market rate, and recently leased unit 4 for $800 for one year, discounted for friend. Even with the reduced rents, this excellent building is at an excellent cap rate, and has potential for being much greater: run the numbers! 5 AC units, 2 which are newer. Roof approx 12-15 years old. Plenty of parking and has extra space that has been rented out. Owners suites (5 & 6) are pristine with LVP flooring and attractive new carpet, 2 baths, reception area and office, executive office, class room or large workroom with separate entry, 2 storage rooms and another small office/utilities area. Suite 1 has been leased about 2 years; Suite 2 & 3 has been leased to same client for approx 6 years and leases suite 3 for reduced amount to use as storage. Bill board has separate meter, as does Suite 2, and rents for $775 per month (very long term) but landlord pays electric and water, Total yearly rents: $52,500; estimate of total expenses: $14,555. Don't move slow on this one! With lower price and new leases, this one is ripe!
Location
State FL
County Polk
Community Commercial Park South
Zoning O-1
Interior
Heating Central, Zoned
Cooling Central Air, Zoned
Flooring Carpet, Linoleum
Exterior
Parking Features Parking Spaces - 13 to 18
Utilities Available Electricity Available, Phone Available
Roof Type Shingle
Building
Story 1
Entry Level One
Foundation Slab
Lot Size Range 1/4 to less than 1/2
Sewer Public Sewer
Structure Type Brick
New Construction false
Construction Status Inspections
Others
Ownership Sole Proprietor
Acceptable Financing Cash, Conventional, Trade, FHA, Lease Option, Lease Purchase, Other
Listing Terms Cash, Conventional, Trade, FHA, Lease Option, Lease Purchase, Other
Special Listing Condition None
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